Below, you will find a brief summary of covered topics in this year's updates to the Code of Ethics, but please take the time to review the entire REALTOR^® Code of Ethics, or view each update individually by clicking the paragraph titles below.

Revised and added text is noted in italics.

Revised Standard of Practice 3-2
(clarified language)
To be effective, any change in compensation offered for cooperative services must be communicated to the other REALTOR^® prior to the time that REALTOR^® submits an offer to purchase/lease the property. (Amended 1/10)

New Standard of Practice 3-9
REALTORS^® shall not provide access to listed property on terms other than those established by the owner or the listing broker. (Adopted 1/10)

Revised Article 11
(added land brokerage)
The services which REALTORS^® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.

REALTORS^® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/10)

Revised Standard of Practice 11-1
(added the italicized words)
When REALTORS^® prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such opinions shall include the following unless the party requesting the opinion requires a specific type of report or different data set:

1. identification of the subject property
2. date prepared
3. defined value or price
4. limiting conditions, including statements of purpose(s) and intended user(s)
5. any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants
6. basis for the opinion, including applicable market data
7. if the opinion is not an appraisal, a statement to that effect (Amended 1/10)

Revised Standard of Practice 12-5
(added the italicized words)
REALTORS^® shall not advertise nor permit any person employed by or affiliated with them to advertise real estate services or listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR^®'s firm in a reasonable and readily apparent manner. (Adopted 11/86, Amended 1/10)

Revised Standard of Practice 15-2
(added the italicized words)
The obligation to refrain from making false or misleading statements about competitors, competitors’ businesses and competitors’ business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Adopted 1/07, Amended 1/10)

New Standard of Practice 15-3
The obligation to refrain from making false or misleading statements about competitors, competitors' businesses, and competitors' business practices includes the duty to publish a clarification about or to remove statements made by others on electronic media the REALTOR^® controls once the REALTOR^® knows the statement is false or misleading. (Adopted 1/10)

Revised Standard of Practice 16-20
(removed capitalization of Associated)
REALTORS^®, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm. This does not preclude REALTORS^® (principals) from establishing agreements with their associated licensees governing assignability of exclusive agreements. (Adopted 1/98, Amended 1/10)